Century City private equity firm Ares Management announced Sept. 6 that its power and infrastructure fund Ares EIF has closed on the acquisition of the assets of Irving, Texas-based oil and gas company Paradigm Energy Partners from an affiliate of Stonepeak Infrastructure Partners of New York.
According to the announcement, the Paradigm assets will be combined with Ares EIF’s adjacent Van Hook Gathering System, which it acquired in 2015, to form a regional midstream oil and gas platform in the Williston Basin of North Dakota and the Eagle Ford Shale of south Texas. The combined entity will retain the Paradigm name and Paradigm’s management team and employee base.
The combined company is expected to transport nearly 50,000 barrels of oil and 23 million cubic feet of gas per day from 11 contracted customers in North Dakota and Texas, according to the announcement.
Financial terms of Ares’ purchase were not disclosed.
Economy, education, energy and transportation reporter Howard Fine can be reached at email@example.com. Follow him on Twitter @howardafine.